Brown will be replaced by Graham Reid, the firm’s finance chief, on an interim basis from the beginning of next month.

Brown said: “When I took over as CEO, the company had significant challenges and as a team we’ve worked extremely hard to overcome those challenges and build a large and very successful business that now enjoys the long-term support of one of the UK’s blue chip companies.”

Cala Homes reported pre-tax profit of £68.5m for the year to the end of June 2017 on turnover of £748m.